Three Excellent Reasons to Get out of the “Renting Rut”
Renting a home is a good option for some, but buying a home just might be the best thing for you. When you rent a home, you send money to someone else every month in exchange for knowing that you can call on your landlord when the roof leaks, an appliance stops working or your bathroom faucet breaks. But there are some big advantages to buying a house that will help you get out of your renting rut and focus more on your future.
You Can Build Equity
Save On Your Taxes
Put Your Personal Touch On Things
Did you know that when you rent a home, you help someone else build equity?
Any changes that you make with your landlord’s approval puts money back in his or her pocket. Keeping the yard clean and taking care of routine maintenance builds equity in that property.
When you buy a home of your own, you have the chance to build equity of your own, which you can use to obtain a loan later.
When you rent a house, you cannot deduct the money you spend on your taxes. Though some states will let you make a small deduction based on the total amount you spend in rent each month, you cannot make any deductions on your federal taxes. When you buy a home, you can save with a few different types of deductions.
The federal government lets you take a deduction on the interest that you pay on your home mortgage loan. If you purchase your home, you can also make a deduction in regards to your property taxes. You can also deduct money that you spend on some renovations and energy saving appliances.
As long as your stuck in a renting rut, you live in a home that belongs to someone else. Your landlord has final say over what you do and do not do. This often means that you cannot make repairs or significant changes without seeking approval first.
Owning a home lets you put your personal touch on things. You can paint the walls any colors you want, rip out the carpet to add hardwood flooring or even make significant changes outside to turn your new home into your dream home.
Now that you know more about the benefits of buying a home and how that purchase can get you out of the renting rut you're in currently, turn to a real estate professional for assistance. Contact The Caleb Pearson Team today!
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